Plus: Biden blowback | Thursday, January 05, 2023
| | | | | | | Presented By Cooley | | | | Axios PM | | By Mike Allen · Jan 05, 2023 | | Happy Thursday afternoon. Today's PM — edited by Kate Nocera — is 497 words, a 2-min. read. Thanks to Sheryl Miller for the copy edit. | | | | | | 1 big thing: Biden border blowback | | President Biden arrives in the Roosevelt Room today to deliver remarks about border security. Photo: Drew Angerer/Getty Images President Biden's announcement today of policies to curb illegal border crossings was castigated by many Democrats and immigration advocates. - Record numbers of migrants and asylum-seekers are arriving at the U.S.-Mexico border.
- That has created humanitarian crises — and a political nightmare for Biden from nearly the start of his presidency, Axios' Stef Kight reports.
Context: Biden will make his first border visit as president with a trip to El Paso on Sunday, ahead of a stop in Mexico for the North American Leaders' Summit. Biden was direct in his remarks, telling migrants from Cuba, Nicaragua and Haiti to "not just show up at the border": - "This is a hard one to deal with, but we have to deal with it."
What's happening: Thousands of Nicaraguans, Haitians, Cubans and Venezuelans will be expelled to Mexico under the Title 42 pandemic rule if they attempt to illegally cross the border. However, up to 30,000 migrants a month could also be granted parole through a newly expanded process. - Separately, agencies are proposing a rule to disqualify asylum-seekers who attempt to enter the U.S. without first pursuing legal pathways.
The reaction: Sen. Bob Menendez (D-N.J.) called Biden's decision to expand the use of Title 42 a "disastrous and inhumane relic of the Trump administration's racist immigration agenda." Go deeper. |     | | | | | | 2. 😷 "Tripledemic" drives Tylenol shortage | | Illustration: Shoshana Gordon/Axios The "tripledemic" of RSV, COVID and the flu are creating "unprecedented" demand for children's Tylenol and Motrin, Axios Vitals author Tina Reed reports. - The FDA's most recent drug shortages list doesn't include children's acetaminophen or ibuprofen.
- But pharmacy shelves across the country are bare.
Experts say parents should buy only what they need, so other parents can access the medicine. | | | | | | | | A message from Cooley | | The heightened risks of insider-led transactions | | |  | | | | Board members owe fiduciary duties to all stockholders and must act for the benefit of the company and stockholders, whether the deal is inside-led or not. Okay, but: These duties are scrutinized more in insider-led transactions, and the standard of review is usually higher. Here's why. | | | | | | 3. Catch up quick | | Photo: Laura Lezza/Getty Images - Above: Pope Francis stands waiting for the coffin of Pope Emeritus Benedict XVI after the funeral Mass in St. Peter's Square today.
- Republican Leader Kevin McCarthy continued to lose his speakership bid for the third straight day, despite new concessions to detractors. Go deeper.
- Peloton agreed to pay a $19 million civil penalty for failure to immediately report safety hazards associated with its treadmills. Go deeper.
| | | | | | | | 4. 🧐 A-Rod digs out... or did he? | | Alex Rodriguez — the baseball star and minority owner of the NBA's Minnesota Timberwolves — is just trying to fit in with his new neighbors in Minnesota: - He posted a picture on Instagram of his work shoveling out his driveway after a storm yesterday.
🥊 Reality check: That's a very large driveway. A-Rod can definitely afford snow removal. And the sticker is still on the shovel, Axios Twin Cities co-author Audrey Kennedy points out. - Plus, are those tire tracks? A-Rod's followers were skeptical.
Axios Twin Cities carried out a poll on Instagram. As of this morning, 94% — 705 voters — said he didn't shovel himself. - "That's called cleaning up after a snowblower went through," said Teresa F., who follows his Instagram.
Share this story. | | | | | | | | A message from Cooley | | Investors in the drivers' seat | | | | | | | | Equity terms shift in downturn environments, with terms structured to be more favorable to investors. The strategy: - Increased liquidation preferences.
- Recapitalizations.
- Pay-to-play transactions.
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